Are you interested in knowing what or which country has the lowest currency in the world currently? If yes, you just arrived at the right place. Most people know Pounds, Euro, and Dollar as some of the strongest currencies in the world but ask them about the cheapest or weakest ones and they keep mute. This post would discuss the top 10 weakest currencies in the world.
Currencies are essential and are regarded as part of the symbols which distinguish countries, regions, etc. from each other all over the continents of the earth. You could imagine a world where a single currency dominates the monetary floor; where you can tender one kind of currency whether you’re within your country or beyond the precincts of your fatherland.
However, the world is not only delicate through its immense span, but also for the diversity that occurs in the currencies, languages, cultures, and many other things that serve as the bases for inter-relationship amongst humans. Precisely on a daily basis, we go to the market and obtain goods in exchange for our money. For this reason, we’re familiar with the dominant currency in our country and the value it commands as a means of exchange. However, little is what some of us understand the currencies of many other nations and their exchange rates (the values at which they are exchanged for each other).
Taking a little bit of digression, Here, we present you a list of the world’s weakest currencies with the least exchange rates, particularly when compared with the U.S dollar.
Top 10 Lowest Currencies in the World 2020
||Value To $1
||Sao Tome/Principe Dobra
||Sierra Leonean Leone
Details on Each Currency
List Of Top 10 Lowest Currencies In The World 2020
1. Iranian Rial
- Code: IRR
- 1 USD To 42,105.00 IRR
The Iranian Rial is the currency of Iran and it is the weakest currency in the world. 42,105.00 Iranian Rial is exchanged with 1 US dollar. This is an irony considering the fact that Iran is blessed with oil. But then, the Iran-Iraq war, the Israeli attack, as well as the sanctions (a very important one is not being able to export oil) from the world superpower, are the reason for making the Iranian currency weak.
2. Vietnamese Dong
- Code: VND
- 1 USD To 23,211.00 VND
The Vietnamese Dong is the second-lowest currency in the world, it is the currency of Vietnam, a socialist country in South East Asia. 23,211 Vietnamese Dong is exchanged with one dollar. Vietnam is still on its hard path from the centralized economy type to the market one and consequently, its currency almost devalued today. However, experts insist that the Vietnamese Government is going the right way and soon it can catch up with its closer Asian neighbors.
3. Sao Tome And Principe Dobra
- Code: STD
- 1 USD To 21,050.60 STD
The Sao Tome and Principe Dobra is the official currency used in Sao Tome and Principe, Island countries in West Africa. These countries are into the exportation of Coffee, Cocoa, and Coconut. The profit generated from these is not enough to support the economy at the appropriate level. The currency is exchanged 21,050.60 Sao Tome and Principe Dobra to 1 USD. There’s hope for this currency to increase in strength as oil had been discovered in Sao Tome.
4. Indonesian Rupiah
- Code: IDR
- 1 USD To 14,351.45 IDR
Unexpected on our list of top 10 lowest currency in the world. Simply put, Indonesia is an economically stable and developed country in South East Asia, though the currency has a low exchange rate, despite all efforts to make it strong by the economic team of the country. A USD is worth 14,351.45 Indonesian Rupiah.
5. Uzbekistan Sum
- Code: UZS
- 1 USD To 10,187.00 UZS
Uzbekistan, an Asian country with a currency code of UZS. 1 USD is exchanged with 10,187.00 UZS.
6. Sierra Leonean Leone
- Code: SLL
- 1 USD To 9,7500.00 SLL
Sierra Leonean Leone / Sixthth Smallest Currency In The World. Sierra Leone is a very poor African country that handled out many serious tests and this caused the local currency to devalue. The country has also experienced war and also the outbreak of the Ebola Virus. 9,750.00 Sierra Leonean Leone is exchanged with 1 USD.
7. Guinean Franc
- Code: GNF
- 1 USD To 9,596.00 GNF
The Guinean Franc is the currency of Guinea, a country in Africa. Considering the natural resources of the country such as gold, adamant, and aluminum, the country’s currency is supposed to be of high value but due to the high inflation rate as well as the progressing poverty and gangsters prosperity, the currency is being devalued. 9596 Guinean Francs are exchanged for 1 USD.
8. Lao Kip Or Laotian Kip
- Code: LAK
- 1 USD To 9,041.00 LAK
Lao Kip was initially introduced with a very low exchange rate. 9,041.00 Lao kip is exchanged with 1 USD. In recent years, this currency is gradually increasing in value.
9. Paraguayan Guarani
- Code: PYG
- 1 USD To 6,755.35 PYG
Paraguayan Guarani / Eight Lowest Currency Value In The World. Paraguay is the second poorest country in South America. It is characterized by what can be said to be a disastrous economic downturn. A high rate of inflation, corruption, low education quality, an enormous number of poor people, a high unemployment rate, etc are the problems bedeviling the country. Paraguay exports cotton and soybean but this is hardly enough to cover expenses. 6,755.35 Paraguayan Guaraní is equal to 1 USD.
10. Cambodian Riel
- Code: KHR
- 1 USD To 4065.00 KHR
The Cambodian Riel is the currency of Monarch State in South East Asia. Currently tenth on our list of top 10 lowest currency in the world, It was implemented in 1995 to change Indochinese Piaster. Even when it was introduced, Riel had a low exchange rate and was not popular among locals who had decided to use foreign currencies (USD) for payment. This had led to the currency being devalued. 4065 Cambodian Riel is exchanged for 1 USD.
Conclusion On The Weakest Currencies In The World 2020
So we just reviewed the top 10 lowest currencies in the World presently and the importance of understanding the exchange rates of the world’s weakest currencies. You could imagine featuring amongst the richest personalities in your country, whereas you’re worth not an iota of another rich man’s money. This might seem incredible to you if you don’t know how valuable your country’s currency is when compared with foreign currencies. And quite humorously, a U.S citizen who works as a cleaner and earns few dollars as part of low-class earners could come to Nigeria or a number of other African countries and pose as a rich person.
This remains so because diverse currencies are more valuable than each other. At the same time, the value a certain currency commands when compared with other prestigious currencies remains the actual determinant of a person’s financial worth.
In the world of today, the monetary arena is undoubtedly dominated by prestigious currencies such as the British Pounds Sterling, the U.S dollar, the Chinese Yen, and many others.
As this post further enlightens you on the worth of your country’s currency, we’re sure you now realized that what seems phantom in one country could turn out to be a piece of debris (or any valueless object you could mention) in another country. As many countries are differentiated by economic systems and the currencies in place, one might find it hard to estimate his worth even when he doesn’t have more than a single token.
Meanwhile, the value of world currencies is greatly determined by factors affecting world trade and exchange activities. Quite frankly, factors such as inflation, recession, etc. are no exceptions.
That’s all on “List Of Top 10 Lowest Currencies in the World”, share your thoughts and suggestions with us through the comment box and like us on Facebook @ facebook.com/9jaquest or follow us on twitter @ twitter.com/NaijaQuest.
Tags: List Of Top 10 Lowest value, least valuable, worst rate, weakest, cheapest currencies in the world